Implementation of foundation law

Indonesian Government issues a new Government Regulation regarding Implementation of Foundation or Yayasan Law (“Government Regulation No.63 of 2008 or GR 63/08”)(“September 23, 2008”). This regulation stipulates that Foundation shall be registered on the Registration List of Foundation. The required capital for the establishment of foundation is in the amount IDR 10.000.000 if the founders are Indonesians and IDR 100.000.000,- if the founders are foreigners. The foreign foundation may conduct its activities in Indonesia only in sector of social, religious and humanitarian activities.